20 14 - air tahiti nui · - and safety promotion the company’s safety policy, a priority of our...

T A H I T I • L O S A N G E L E S • P A R I S • T O K Y O • A U C K L A N D

A N N U A L R E P O R T2 0 1 4

2014 ANNUAL REPORT2

This report is printed in Tahiti on recycled paper© covers : Jean-Baptiste Bouyer and Stéphane Mailion

P 04 2014 KEY FIGURES AND MILESTONES

P 06 LEGAL STATUS AND CAPITAL

P 08 ACTIVITY SUMMARY

P 12 CUSTOMER SATISFACTION

P 14 TRAFFIC AND COMMERCIAL RESULTS

P 20 FINANCIAL RESULTS

P 24 HUMAN RESOURCES

P 26 OUTLOOK FOR 2015

© g

rego

irele

bac

on.c

om

2014 ANNUAL REPORT 3

2014, AIR TAHITI NUI CONTINUES ITS CLIMB INTO PROFITABILITY

For the third consecutive year, Air Tahiti Nui has delivered a positive result of 2.02 billion XPF in profits (up 20% from 2013). This signi-ficant improvement to the airlines profitability is also the best result historically, since the inception of the company. The continuation

of Air Tahiti Nui’s positive financial trajectory is thanks to the culture of teamwork and unity between all the stakeholders of the company (both internal and external) personnel, members of the Board, equity holders, members and customers, partners, etc.

A transition year to prepare the future

Committed to a dynamic of modernization since 2013, Air Tahiti Nui started many projects during financial year 2014: routes, fleet, alliances and partnerships, commercial and marketing development, organization and mana-gement. These reforms mark the implementation of the strategic directions validated by the Board of Directors and supported by social partners and collaborators. They reflect the need, expressed by all, to unite around the values and stakes that have prevailed since the creation of the company:

“ To operate a long-lasting service for the Polynesian tourist industry”

This ambitious goal goes voluntarily beyond the simple purpose of an air carrier and gives us a great responsi-bility as the main instrument in the development of French Polynesian tourism. To play its part constructively, the company must obviously ensure and guarantee its profitability while upholding high quality and safety standards.

Armed with this ambition, we have taken advantage of our financial recovery to prepare Air Tahiti Nui for the future and its challenges; and we have done so in line with the country’s tourism development strategy.

Thus we have structured the steering of the company around the CEO and deputy CEO, on the two pillars that are now the commercial managing directorate and the operations managing directorate, with the backing of support directorates (finance, organization and quality, HR, information systems). We have also created a mana-gement systems directorate, in charge of safety policy and compliance in order to meet the new requirements of European regulations. Some departments have been strengthened (marketing, customer service, offline market, etc.) and we also integrated additional functions (financial engineering, information systems security, corporate responsibility…)

We have decided as well to invest in the cabin modernization of a fourth aircraft (in addition to the three inaugu-rated last year) so as to offer our customers consistent quality throughout our network. The renovation will begin in the last quarter of 2015.

At the same time, a lot of our attention was devoted, since 2013 and all through 2014, to the enhancement of our fleet in 2018-2019. At the end of the year our efforts led to the signing of a valuable partnership for the lease of two latest-generation Boeing Dreamliner 787-9 aircraft, and to the cementing of a strategic relationship with Air Lease Corporation and Boeing.

For Air Tahiti Nui, this is a bold undertaking to ensure a sustainable and profitable future. Therefore our priority will be to maintain this collaborative strategy for the next four years, so that we are ready to welcome and operate these new aircraft as the company prepares to celebrate its 20th birthday.

Until then, To Tatou Manureva will be happy to keep serving you and welcoming you on our flights!

Mauruuru

Michel MONVOISIN

Chairman of the Board and Chief Executive Officer

2,02BILLION

XPF1,677BILLION

XPF231MILLION

XPF

2014

2013

2012

EDITO

2014 ANNUAL REPORT4

2014 KEY FIGURES AND MILESTONES

Air Tahiti Nui continues to grow its operations and to improve its results, notably by taking advan-tage of diminishing fuel prices. After debuting its new cabin upgrades in 2013, the company chose

to extend cabin renovation to a fourth aircraft of the fleet, to attain consistent quality throughout its network.

Thanks to the acquisition of an IT platform to host and de-velop multilingual Internet sites, Air Tahiti Nui innovates by

launching its new, 5-languages website, in a fully respon-sive version that optimizes the online experience across all kinds of devices. Air Tahiti Nui is among the first three airlines that use this innovative technology.

In terms of network, a new code-share agreement was signed with Korean Air in February 2014, encouraging the arrival of Korean tourists in French Polynesia, via the Tahiti-Japan route.


2014 KEY FIGURES AND MILESTONES

9 914 TONS OF FREIGHT TRANSPORTED (+12% from 2013)

459 800 PASSENGERS CARRIED 66% of international traffic(+9% from 2013)

18 870 FLIGHT HOURS (i.e. 1623 flights)

(+7% from 2013)

723 STAFF MEMBERS

(including 394 flight crew) (+2,9% from 2013)

917 MILLIONS XPF IN REVENUE

(i.e. 1170 flight hours)(+45.7% from 2013)

CHARTER FLIGHTS

102 393 MEMBERS of Club Tiare (including 206 Corporate entities)(+16% from 2013) 7,9 billion XPF

equity (approx. 66 million euros)

+31%from 2013

33,3 billion XPFrevenue

(approx. 280 million euros)

+9%from 2013

12,1% gross operating surplus/income ratio

+3,8pointsfrom 2013

2,02 billion XPFnet income (approx. 17 million euros)

+20% from 2013

2014 ANNUAL REPORT6

2. MEMBERS OF THE BOARDAs a local semi-public company, Air Tahiti Nui has a Board of Directors of 15 members :

* REPRESENTATIVES OF FRENCH POLYNESIA, appointed by the Cabinet

• M. Michel MONVOISIN, Chairman of the Board and Chief Executive Officer

• M. Jean-Christophe BOUISSOU, Minister of Economic Stimulus, Tourism and International Air Transport, Industry, Commerce and Business

• M. Nuihau LAUREY, Vice-President, Minister of Economy, Finance, Budget and Labor

• M. René TEMEHARO, Minister of Young and Sports

• M. Marcel TUIHANI, President of the Assembly of French Polynesia

• Mrs. Teura IRITI, representative of the Assembly of French Polynesia

• Mrs. Virginie BRUANT, representative of the Assembly of French Polynesia

• M. Daniel PALACZ

• M. Gilles BERNEDE, representative of Air Tahiti Nui personnel

PRIVATE DIRECTORS

• M. Yves BUHAGIAR, representative of Financière Hôtelière Polynésienne Ltd

• M. Vincent LAW, representative of SEGC (Société d’Etudes et de Gestion Commerciale)

• M. Robert WAN, CEO of Wan Holding Participation

• M. James ESTALL, representative of OCI (Océanienne de Capital Investissement)

• M. Joël ALLAIN, representative of Air Tahiti Ltd

• M. Richard BAILEY, representative of Tahiti Beachcomber Ltd.

3. STATUTORY AUDITORSThe company’s statutory auditor is M. Christophe PARION, representing BDO Auditors.

LEGAL STATUS AND CAPITAL

CAPITAL SHARINGOF 31/12/2014

French Polynesia84,82%

SEGC2,68%

OCI3,9%

Air Tahiti3,43%

Wan Holdingparticipation

0,61%Tahiti Tourisme1,58%

Others3%

1. CAPITAL DISTRIBUTION

In September 2001, Air Tahiti Nui’s legal status evolved from limited company to local semi-pub-lic company, to meet the statutory rules applicable when French Polynesia became the majority equity holder in the company.

Since November 22, 2011, EQUITY is 1 622 956 875 F CPF, distributed as follows :

2014 ANNUAL REPORT 7© S

tep

hane

Mai

lion

2014 ANNUAL REPORT8

1. FLEETAir Tahiti Nui’s fleet consists of 5 Airbus A340-300 air-craft, each with the same engine configuration. Two of them have two-class cabins : 30 business class seats and 264 economy class seats, i.e. 294 seats with personal video systems. They are :

• MSN 395 F-OJTN on operating lease (« BORA-BORA »).• MSN 668 F-OLOV on financial lease (« NUKU HIVA »).

Three aircraft were remodeled in 2013 and their cabins are now fitted in a two-class configuration: 32 business class seats and 264 economy class seats, i.e. 296 seats with personal on-demand video systems.

• MSN 385 F-OJGF fully owned (« MANGAREVA »),• MSN 438 F-OSEA on financial lease (« RANGIROA »),• MSN 446 F-OSUN on financial lease (« MOOREA »),

The new Poerava Business class offers 32 “Evolys” seats that recline to 160° and offer optimal comfort. Laid out with a 152cm pitch between rows for better intimacy, par-ticularly for traveling couples, the seat’s hard back shell al-lows the passenger to recline without crowding the space of the passenger seated behind. Each seat is fitted with a high-definition, 12-inch touch screen offering a wide range of on-demand contents on each flight: 16 feature films, over 40 documentaries, a large choice of music and games. A cable hand control is also integrated in the armrest for easy browsing.

ACTIVITY SUMMARY


The economy cabin has 264 stylish and comfortable “Steezy” seats, with an 81cm pitch. It reclines to 118° and its 45cm base makes it one of the widest available on the Tahiti route. Each seat is fitted with a 9-inch high definition touch screen offering a wide range of on-demand contents on each flight (16 feature films, over 40 documentaries, a large choice of music and games).

2. AIRCRAFT UTILIZATIONOverall, the company has registered 18 870 flight hours in 2014, i.e. 7% more than in 2013, thanks to in-creased passenger and charter activity. ATN aircraft flight hours average at 10.3 hrs/day (up from 9.75 hrs/day in 2013).

3. SAFETY, THE VERY HEART OF OUR BUSINESS

APPROVALS AND CERTIFICATESAir Tahiti Nui is a French international airline company holding the following operation permits :• An air service license issued in December 2006 (decree

1389 CM),• An air operator certificate (AOC) FR.AOC.OO83, issued

on December 18, 2014,• A continuing airworthiness management organization

approval certificate FR.MG. 0061 issued on December 24, 2014,

• A certificate of maintenance approval section 145 for FR 145 423 aircraft maintenance, issued on October 29, 2010.

SAFETY POLICYCreation of Safety Management Directorate

The incident and/or accident risk is inherent to air trans-port. This is why airline activities, passenger and freight transport and aircraft maintenance are framed by a body of rules established by European safety agency EASA.

Compliance with these rules is a condition for obtaining Air Tahiti Nui’s air operator certificate, which is now valid without time limitation since the adoption of IR OPS reg-ulations.

Control of the proper implementation of these rules is done by the Safety Management Directorate and includes the implementation of the safety policy designed by the executive in charge.

The management system is composed of the safety and compliance control system that ensures respect of regula-tions, and the safety management system for event anal-ysis and risk management.

18 870FLIGHT HOURS

in 2014

+10% FLIGHTSIN 2014 COMPARED TO 2013

© g

rego

irele

bac

on.c

om

© g

rego

irele

bac

on.c

om

2014 ANNUAL REPORT10

1 623FLIGHTS in 2014

The management system is built on four pillars that have been integrated in all of our operational directorates :

- Policy and goals - Risk management - Safety conditions control - and Safety promotion

The company’s safety policy, a priority of our airline, was reaffirmed by the Chief Operating Officer/executive in charge, who personally committed to the implementation of a fair management policy to reinforce the feedback sys-tem, a crucial element of any safety policy.

Safety management professional training modules are be-ing deployed in all of the company’s operational depart-ments.

The Safety Management Directorate’s program aims for the continuing improvement of air operations safe-ty through the detection, analysis and mitigation of any anomaly in conditions, policies and procedures. It must also ensure that employees always take into account the consequences of their own actions and the actions of their colleagues when it comes to safety.

Beyond this regulatory framework, Air Tahiti Nui, member of IATA, is subject to IOSA certification (IATA Operational Safety Audit), renewed every two years.

4. OUR NETWORKAir Tahiti Nui connects the South Pacific and four conti-nents. It positions itself as the main air carrier serving French Polynesia with four daily flights to this destination.The Tiare airline is also one of only two airlines offering di-rect Papeete-Paris and Papeete-Los Angeles round-trip flights. Air Tahiti Nui also serves Tokyo (Japan) and Auck-land (New Zealand) from Papeete. It serves 39 other cities thanks to its code-share partners: SNCF in France, American Airlines in the United States, Qantas and Air New Zealand in Australia and the South Pacific. They include, among others, Sydney, Brisbane and Melbourne, 17 cities in the United States among which New York, Boston, Washington, Chicago, Miami and Dal-las, and 19 cities in France such as Marseille, Lyon and Montpellier.

As part of Air Tahiti Nui’s market development, over 50 interline agreements have been secured with other carriers, in order to offer customers a wider selection of destinations.

© g

rego

irele

bac

on.c

om

11

5. FLIGHT Programs

FLIGHT FREQUENCY PER ROUTE

2013 2014Papeete - Paris via LAX 3/7 to 7/7 3/7 to 7/7

Papeete - Los Angeles 5/7 to 7/7 5/7 to 7/7

Papeete - Japan 2/7 2/7

Papeete - Auckland 2/7 to 3/7 3/7

NUMBER OF FLIGHTS PER YEAR

2013 2014 14/13 variationPapeete - Paris via LAX 460 468 +2%

Papeete - Los Angeles 574 631 +10%

Papeete - Japan 206 208 +1%

Papeete - Auckland 231 316 +37%

TOTAL 1471 1 623 +10%

RAPPORT D’ACTIVITÉ 2014 11

code

-sha

re Companies


CUSTOMER SATISFACTION

90,5%OF FLIGHTS

DEPARTING ON TIME

89% GLOBAL SATISFACTION

1. OUR PRIORITY: CUSTOMER SATISFACTIONAs part of the continuation of its improvement plan, in order to measure customer satisfaction and better meet customer expectations, since 2012 Air Tahiti Nui conducts an ongoing on-board survey on all its flights.

In 2014, 6 910 customers were surveyed. Their encourag-ing feedback has strengthened the company in the con-tinuation of its improvement program.

STRONG POINTS• Crew assessment: 95% of satisfied customers• Check-in assessment: 83% satisfaction rate,

i.e. 4 more points compared to 2013.

94% of our customers state that they would recommend our airline

2. PUNCTUALITYIn 2014, Air Tahiti Nui shows good average punctuality over its entire network, with 90.5% of flights leaving on time or within 15 minutes of scheduled departure time (down 2.9% compared to 2013).

Flights departing from Los Angeles and Paris remain be-low average with punctuality rates of 87.2% and 91% re-spectively.

3. FREQUENT FLYER PROGRAMOn December 31, 2014, the Air Tahiti Nui Club Tiare frequent flyer program has an active membership of 102 393, distributed over the entire network, including:• 206 companies in the Corporate program with 2 053

business travelers,• 1 242 students in the Fenua Student program.

In 2014 Club Tiare has reinforced its partnerships with several cultural, sports and arts organizations, allowing members to use their miles for many events such as con-certs, plays, gourmet dining, etc.

EVOLUTION OF FREQUENT FLYER MEMBERSHIP:

2013 2014

GOLD> 246 SILVER> 929TAHIA > 102 012

GOLD> 262 SILVER> 1 085TAHIA> 87 927

0

20000

40000

60000

80000

100000

120000

2014 ANNUAL REPORT 13© g

rego

irele

bac

on.c

om


Air Tahiti Nui carried 459 800 passengers in 2014, a 9% growth over 2013. The budding economic recovery in Europe generated 4% growth on the Paris route. An important increase in traffic on the Los Angeles route (+16%) was stimulated by the gradual improvement of the American economy and a rise in cruise

passengers. The Auckland route saw a strong increase in 2014 (+20%) due to the rise of trans-Pacific traffic after the opening of the third rotation. The Tokyo route shows a 2% rise in traffic, the decrease of the Japanese market being more than compensated by the increase of the Chinese market.

NUMBER OF PASSENGERS CARRIED PER LINES

Passengers carried VAR2014/13ROUTES 2013 2014

CDG via LAX 207 603 215 610 +4%

LAX 124 109 144 340 +16%

AKL 50 427 60 521 +20%

NRT 38 643 39 340 +2%

TOTAL 420 782 459 800 +9%

Source Datawarehouse 2014

2. RESULTS AND EVOLUTION OF PASSENGERs TRAFFIC BY route

1. PASSENGER TRAFFIC TO TAHITI

In 2014, the total number of passengers to and from French Polynesia was 561 460, i.e. a 6,6% increase over 2013. - Air Tahiti Nui carried 66% of international traffic in 2014,

a slightly higher market share than in 2013. - Air France was the second largest carrier, with a 15%

market share, down by 2% over 2013. - Air New Zealand carried 7% of international passengers,

showing a 4% growth since 2013.

TRAFFIC AND COMMERCIAL RESULTS

MARKET SHARE BY AIRLINE

Air Tahiti Nui66%

Air Tahiti1%

Air New Zealand7%

Air France15%

Hawaiian Airlines5%

Latam3%

Air Calin3%

DISTRIBUTIONPASSENGERS

TRAFFICBY LINES

CDG via LAX46,90%

LAX31,40%

AKL13,15%

NRT8,55%

TOTAL PASSENGERS ON ALL LINES

Number of passengers

2014Market share

Variation (number of passengers)

2014/2013

Air Tahiti Nui 373 920 66% +9%

Air New Zealand 41 010 7% +4%

Air France 82 400 15% -2%

Hawaiian Airlines 26 630 5% +17%

Latam 18 340 3% +1%

Air Calin 16 260 3% -10%

Air Tahiti 2 900 1% -

TOTAL 561 460 100% +6,6%

Source: Aviation

OF INTERNATIONALPASSENGERSCARRIED BY AIR TAHITI NUI (+1 POINT COMPARED TO 2013)

66%

© g

rego

irele

bac

on.c

om


OF INTERNATIONALPASSENGERSCARRIED BY AIR TAHITI NUI (+1 POINT COMPARED TO 2013)

PASSENGERS ACTIVITY PER ROUTE

Compared to 2013, the global passenger load fac-tor on the network rises 1,5 point to 75% in 2014. The available seat offer increased by 6% and the number of passengers carried increased by 8%. Overall revenue increased by more than 7%, with a 1% decrease of RPK.

Results vary according to markets, as follows:Paris route -The available seat offer increased slightly (+1%). Revenue is up (+4%) thanks to a 4% rise in pas-sengers carried.Los Angeles route - Passenger traffic increased by 15%, with average revenue down by 1%, which results in an

impressive increase in sales (+14%) compared to 2013. The offer is up by 11% for the year, which translates into a strong improvement in load factor (+3.9%).Auckland route - The available seat offer reflects a steep rise through the third rotation (+37%)/ Passenger traffic also rises sharply (+20%), but less than the seat offer, gen-erating a significant dip in load factor which reaches 65% (-9.1 points). Overall revenue is up by 7%. Tokyo route - The 2% rise in passengers combined with a slight rise in the seat offer leads to a 0.5% improvement in load factor. The 3% decrease in average revenue contrib-uted to an overall revenue decrease of 2%.

DISTIBUTIONOF REVENUES

BY ROUTE

CDG via LAX48,20%

LAX33,60%

AKL7,40%NRT

10,80%

Load Factor Revenue(MILLION XPF) RPK* (XPF)

ROUTES 2014 VAR (pts) 2014/13 2014 VAR

2014/13 2014 VAR 2014/13

CDG via LAX 78% +2,3 13 588 +4% 8,0 + 0%

LAX 78% +3,9 9 493 +15% 10,1 -1%

AKL 65% -9,1 2 079 +8% 9,3 -10%

NRT 64% +0,5 3 050 -2% 8,5 -4%

TOTAL 75% + 1,5 28 210 +7% 8,7 -1%

Source: Mercator - Datawarehouse - Revenue ManagementDéfinitions : *RPK : Revenue passenger kilometers


MARKET SHAREBY AIRLINE

Air Tahiti Nui72%

Air Tahiti1%

Air New Zealand6%

Air France13%

Hawaiian Airlines3%

Latam3%

Air Calin3%

3. ATN AND the DEVELOPMENT Of TOURISM in french polynesia

In 2014, more than 180 000 tourists visited the islands of Tahiti and two-thirds were carried by Air Tahiti Nui (72%) followed by Air France (13%), and 15% were carried by other airlines (Latam, Air New Zealand, Air Calin, Hawai-

ian Airlines and Air Tahiti).

TOURISM TRAFFIC TO THE ISLANDS OF TAHITI

TOURISTS2014

Market share

VARIATION2014/2013 Market share

Air Tahiti Nui 129 334 72% +13 % +2,0 pts

Air France 22 682 13% +1,1 % -1,1 pt

Air New Zealand 11 482 6% +1,3 % -0,5 pt

Latam 6 018 3% -11,4 % -0,8 pt

Hawaiian Airlines 5 798 3% +41,6 % +0,7 pt

Air Calin 4 445 3% +2,6 % -0,2 pt

Air Tahiti 843 1% -9,8 % -0,1 pt

TOTAL 180 602 100% +9,9 % Source: Tourism Office


129 334 TOURISTS

CARRIED BY AIR TAHITI NUI

(+13% COMPARED TO 2013)

© S

tep

hane

Mai

lion


In 2014, tourist arrivals in the islands of Tahiti increased by 10%, with growth showing across all markets except South America (-15%) and Japan (-5%).

Salient facts are the strong growth of circuit tourism traffic (+23%) while destination tourism traffic only rises by 7%, and the sharp increase in cruise passengers (+43%) while the number of tourists in land-based accommodation only rises by 4%. North America registers a strong growth of 18%, mainly due to cruise and circuit tourists. Europe in general is re-covering, except for Italy which still declines slightly. In the Pacific region, Australia is stable (+2%) while New Zealand grows by 10% thanks to a 37% increase in circuit tourists.In this context of strong tourism growth (+10%), Air Tahiti Nui was able to carry 13% more tourists than in 2013 and thus take its market share to 72% (up 2 points).

4. PROMOTIONAL AND ADVERTISING POLICYAir Tahiti Nui debuts 5 new regional websites in De-cember 2014: This new showcase of the company offers a more user-friendly browsing experience, with a com-plete redesign and new features, as well as richer editorial content (photos and videos) than in the former version. In addition to optimized administration, human and financial resources, the platform’s main asset is the responsive de-sign for a better user experience. Today’s Internet users browse on desktops, laptops, tablets and smartphones. Grid-based web design and dynamic content manage-ment have become crucial standards.

MARKET SHAREBY AIRLINE

Air Tahiti Nui72%

Air Tahiti1%

Air New Zealand6%

Air France13%

Hawaiian Airlines3%

Latam3%

Air Calin3%


EVOLUTION OF TOURISTS BY COUNTRY

Amount of touristscarried in 2014

Variation in number of tourists carried

2014/2013 en %

AIR TAHITI NUI

TOTAL of ALL AIRLINES

AIR TAHITI NUI

TOTAL of ALL AIRLINES

North America 58 028 71 548 +17% +18%

France 21 850 34 887 +9% +12%

Italy 7 063 7 887 -1% -3%

United Kingdom

3 555 4834 +53% +48%

Spain 1 936 2 782 +36% +15%

Germany 2 492 4 028 +44% +16%

Switzerland 1 545 2 911 +17% +9%

Europe (Others)

3 202 5 096 +8% -2%

Japan 12 180 12 527 -4% -5%

Asia 4 684 5 761 +48% +37%

Australia 6 507 9 315 +8% +2%

New Zealand 3 382 7 136 +16% +10%

Pacific 626 4 626 +19% +5%

South America

1 101 5547 -17% -15%

Central America

768 1 060 +3% +8%

Other countries 415 657 +15% +12%

TOTAL 129 334 180 602 +13% +10%

Source: Tourism Office

TOURISTSCARRIEDBY ATN

BY COUNTRY

North America44,87%

France16,89%Italy

5,46%United Kingdom

2,75%

Spain1,50%

Switzerland1,19%

Germany1,93%

Europe (Others)

2,48%

Japan9,42%

Asia3,62%

Australia5,03%

New Zealand2,61%

Pacific0,48%

South America0,85%

Central America0,59%

Other countries0,32%

BY AIR TAHITI NUI 2014

72%TOURISTS

CARRIED


Air Tahiti Nui ambassadorsIn the last few years, Air Tahiti Nui has supported leading Polynesian figures whose fame and actions increase the visibility of Tahiti as a destination. Whether they are high-level athletes or recognized figures of culture and the arts, they all have a connection to Ta-hiti. They are ambassadors because they represent ex-cellence, exemplariness and surpassing oneself, but also because they possess Polynesian elegance and beauty. Air Tahiti Nui has made it its mission to encourage and promote internationally all the riches and talents of our islands. Today, the company sponsors some 40 ambas-sadors and many have been in headline news in 2014 : Michel Bourez (surfer), Teiva LC (singer), Sabrina Laughlin (singer), Georges Cronsteadt (stand up paddler) or Dany Gérard (jiu-jitsu).

Low season support campaigns These compaigns serve two purposes: first, to promote travel during the low season (January to March) and sec-ond, to bolster mid-season traffic leading to the high sea-son. The chosen themes are : early booking, repeaters, mono-island, honeymoon and family.

The Hidden Paradise campaign (Taha’a, Rangiroa, Tike-hau, Huahine) aims at diversifying the package offer by extending it to the less-visited islands (as complements to the flagship islands of Tahiti, Moorea and Bora Bora). It is also meant as an answer to the saturation in the overwater bungalow offer.

The Bed & Breakfast campaigns - This promotional plan is part of the work started in 2013 with the creation of the quality label “Ia Ora, at the heart of tradition” by the Associ-ation of Family Hotels of Tahiti and her Islands (presided by Mrs. Melinda Bodin) in close collaboration with the coun-try’s authorities, Tahiti Tourisme and the professionals of the destination’s sales network. The objectives of these cam-paigns, launched first in France, then in New Zealand and soon in North America, are to assist the growth of the “Ia Ora, at the heart of tradition” recent labeling of 105 guest-houses, to convey the values of hospitality, culture and au-thenticity of French Polynesia, and to promote guesthouse vacations (as they have available accommodation, notably during the high season).


imaginez...La Polynésie

7 N / 9 jours CHF 4‘255.00 par personne ttc

Vols internationaux avec Air Tahiti Nui

Hôtels de la chêne Pearl

Package exclusivité Stohler Tours


5. FREIGHT outcomesOverall freight revenues on the Air Tahiti Nui network amounts to 2 794 million XPF, an improvement of 7% over 2013, for a gross tonnage of 9 914 tons.

TONNAGETRANSPORTED

PER ROUTE

CDG route19,50%

NRT route9%

LAX route50,60%

PPT route15,50%

AKL route5,40%

Charter contract 0,30%

TONNAGE TRANSPORTED PER ROUTE (IN TONS)

2013 2014 Variation 2014/2013

Variation

Route PPT 1 349 1 501 +152 +11%

Route CDG 1 895 1 932 +37 +2%

Route AKL 550 539 -11 -2%

Route NRT 189 897 +708 +375%

Route LAX 4 874 5 016 +142 +3

Charter contract 17 27 +10 +59%

TOTAL 8 875 9 914 +1039 +12%Source Datawarehouse


6. overall RESULTS of the CHARTER activityAir Tahiti Nui has developed an on-demand charter activi-ty, registering 1 170 flight hours for several charterers. This

secondary activity generated 917 million XPF in revenue in 2014.

FREIGHTREVENUESPER ROUTE

CDG route43,65% NRT route

5,50%

PPT route13,30%

LAX route31,50%

AKL route5,65%

Charter contract0,40%

FREIGHT REVENUES PER ROUTE (IN MILLION XPF)

2013 2014 Variation 2014/2013

Variation

Route PPT 353 371 +18 +5%

Route CDG 1 229 1 220 -9 -1%

Route AKL 153 158 +5 +3%

Route NRT 52 154 +104 +196%

Route LAX 824 880 +56 +7%

Charter contract 7 11 +4 +62%

TOTAL 2 618 2 795 +177 +7%Source Datawarehouse

9 914 TONS OF FREIGHT CARRIED

(+12% COMPARED TO 2013)

© g

rego

irele

bac

on.c

om


FINANCIAL RESULTS

1. CAPITAL ASSETS

TANGIBLE FIXED ASSETSThe main movements of the 2014 financial year are: • the end of the tax-exemption schemes for aircraft Ran-

giroa (OSEA) and Moorea (OSUN) through the exercise of the purchase options on December 29, 2014. The air-craft have thus been integrated in tangible fixed assets for a global amount of 4.5 billion XPF;

• Several maintenance operations recorded as fixed as-sets (engine overhauls, 12-year check, C-check) for 2.1 billion XPF;

• A 4.2 billion XPF depreciation provision for the three fully owned aircraft.

+31% OPERATING PROFIT UP (I.E. 6% OF 2014 REVENUE)

ASSETS (in million XPF) GROSS 2014 PROV. & AMORT.

NET 2014

NET N-1 2013 VARIATION VARIATION IN %

Intangible fixed assets 225 148 77 36 41 112%Tangible fixed assets 23 888 15 841 8 046 6 058 1 988 33%Financial fixed assets 2 684 2 684 6 298 -3 614 -57%TOTAL CAPITALIZED ASSETS 26 797 15 989 10 808 12 393 -1 585 -13%Inventory 647 2 645 683 -38 -6%Accounts receivable 1 753 98 1 655 2 078 -423 -20%Other accounts receivable 261 3 258 187 71 38%Cash balances 11 604 3 11 601 7 712 3 889 50%CCAV 730 730 827 -97 -12%TOTAL CURRENT ASSETS 14 996 106 14 889 11 487 3 402 30%Foreign exchange gains 48 48 117 -69 -59%

GRAND TOTAL 41 841 16 095 25 746 23 997 1 749 7%

© E

dou

ard

Ott


2. LIABILITIES

EQUITY AND PROVISIONSThe main movements of the 2014 financial year are:• The appropriation of the 2013 result as legal reserve

(162 million XPF) and balance brought forward (1 515 mil-lion XPF);

• The net result of the 2014 financial year, at 2 020 mil-lion XPF;

• The provision for adjustment risk on social contributions on 2012 and 2014, for a global amount of 555 million XPF.

DEBTThe main movements of the 2014 financial year are:• 275 million XPF in bank loan payments. The decrease in

foreign exchange liability should be noted, partly due to a 657 million XPF exceptional exchange gain on some bank loans;

• The reclassification of 1 860 million XPF as deferred rev-

enue of fuel surcharges and insurance debts.

LIABILITIES (in million XPF) 2014 2 013 Variation Variation in %

Capital 1 623 1 623 0 0%Premiums from issues 1 701 1 701 0 0%Legal reserve 162 162 100%Carried forward 1 319 -196 1 515 774%Result 2 020 1 677 343 20%Investment subsidy 938 1 138 -200 -18%Statutory provisions 164 109 55 51%

OWNER’S EQUITY 7 928 6 052 1 876 31%PROVISIONS FOR CONTINGENCIES & LOSS 1 035 565 470 83%Financial debt 2 622 2 897 -275 -9%Other debt 5 735 6 976 -1 241 -18%PCAV 7 624 5 450 2 174 40%TOTAL DEBT 15 981 15 323 658 4%Curency conversion adjustments - Liabilities 801 2 057 -1 256 -61%

GRAND TOTAL 25 746 23 997 1 749 7%

© J

érém

ie G

odef

roy


Operating income is 33.7 billion XPF, against 30.9 bil-lion XPF in 2013, i.e. a 9% increase in line with the in-crease in activity.

Operating expenses increase by 2.3 billion XPF, partly due to:• The impact of the New Chart of Accounts: 326 million

XPF;• The impact of social contributions adjustments: 555 mil-

lion XPF.

The financial result – 2.7 billion XPF – is mainly composed of:• The reversal of the depreciation provisions on the pur-

chase options of Rangiroa (OSEA) and Moorea (OSUN): 1.2 billion XPF;

• Foreign exchange gains of 534 million XPF and 657 mil-lion XPF on the purchase options of SEA and SUN and adjustment on bank loans.

The extraordinary result shows a 2.8 billion XPF loss, mostly due to:• a 343 million XPF gain on breakage (issued-but-unused

tickets more than a year old);• an aircraft depreciation provision of 3.2 billion XPF.

3. INCOME STATEMENT

FINANCIAL RESULTS

Income statement (in million XPF) 2014 2013 Variation Variation in %

REVENUES 33 337 30 454 2 883 9%Reversal of amortizations & provisions 362 376 -14 -4%Others incomes 13 101 -88 -87%TOTAL REVENUES 33 712 30 931 2 781 9%

Acquisitions of goods & supplies 11 302 11 101 201 2%External services & outsourcing 10 587 9 668 919 10%Taxes and duties 41 34 7 21%Payroll 6 420 6 191 229 4%Reserve for depreciation & provisions 1 442 1 116 326 29%Reserve for current assets 11 8 3 38%Reserve for risks & charges 696 161 535 332%Other charges 1 081 1 019 62 6%TOTAL EXPENDITURE 31 580 29 298 2 282 8%

MILLION XPF 2014 2013 Variation Variation in %Operating profit 2 131 1 632 499 31%Financial result 2 699 -689 3 388 492%Exceptional result -2 806 738 -3 544 -480%Tax -4 -4 0 0%

NET RESULT 2 020 1 677 343 20%

© S

tep

hane

Mai

lion


HUMAN RESOURCES 723 STAFF MEMBERS

OUR MISSION: To operate a high quality sustain-able air service that supports Eco-nomic Growth and Development of Tourism in French Polynesia, whilst ensuring the highest standards of safety, and maintaining profitability.

OUR VALUES: TO TATOU MANUREVA (a company of reference,

Our Airline of French Polynesia)

THE CULTURE OF CUSTOMER SERVICE

SAFETY IS EVERYONE’S CONCERN

A COLLECTIVE ADVENTURE

A RESULTS-ORIENTED CULTURE (company-wide commitment and continuous improvement)

EXEMPLARY

1. EXECUTIVE TEAM

general managementchairman CEO

Michel MONVOISIN

COO and Executive in ChargeMathieu BECHONNET

Management System DirectorGILLES BERNEDE

Managing Commercial and Marketing Director

Mark HUTCHINSONSUPPORT DIRECTORATESManaging Director of Operations

Gérard MAURIN

Marketing and Communications DirectorTorea COLAS

Customer Service DirectorVaitea KHOLER

Director of Revenue Management, Pro-gram and Charter, Pricing and Alliances

Christophe LEGALL

sales directorMark HUTCHINSON (par intérim)

Financial DirectorChristophe VAN NIEL

Director of Human ResourcesJulien FINCK

Administration and Organization DirectorHeifara MORIENNE

IT directorMichel MONVOISIN (par intérim)

Flight Operations DirectorKarl LEMAIRE

commercial crew directorEric DELCUVELLERIE

Ground Operations DirectorCéline CLAEYS

maintenance Director Yannick MERMET


2. DISTRIBUTION OF EMPLOYEES On December 31, 2014, Air Tahiti Nui staff members num-bered 723 to be compared to 703 on December 31, 2013), divided into Tahiti ground personnel (264), flight crew (394) and agents of overseas offices and stopovers (65).

3. EVOLUTION BY CATEGORYIn 2014, a few new hirings are to be noted in the technical crews (none had been made since 2007). The new hirings of ground personnel were the upshot of recommenda-tions of an organizational audit.

CommercialCrew49%

TechnicalCrew11%

Executives9%

Supervisors17% Employees

14%

OVERSEAS STAFF

CDG30%

NRT15%

AKL8%

SYD1%

LAX46%

Source: Social Report

Staff 2013 2014 Variation %

PER CATEGORY

Executives 53 58 8,62%

Supervisors 103 112 8,04%

Employees 95 94 -1,06%

Commercial Crew 321 321 0,00%

Technical Crew 71 73 2,74%

PER DIRECTORATE

Head Management 16 15 -6,67%

Commercial Managing Directorate

78 73 -6,85%

Operations Managing Directorate

511 527 3,04%

Support functions 38 43 11,63%

© m

atar

ai.c

om

OF PAYROLL6,420BILLION

XPF


© g

rego

irele

bac

on.c

om

4. INDICATORS

EMPLOYMENT CONTRACTS:15 departures24 hirings148 promotions (salaries increased)648 permanent contracts (CDI)10 fixed-time contracts on average

ABSENTEEISM10 115 sick leave days22 work accidents - related 1 960 days maternity leave

5. PAYROLLPayroll amounts to 6.420 billion XPF (+3.7% more than in 2013), including 1.919 billion XPF in social contribu-tions, i.e. 5.2% more than the previous year.

6. ONGOING PROFESSIONAL TRAININGIn 2014, Air Tahiti Nui continued the reinforcement of ground staff skills (administration and operations) with targeted actions within a budget of 11.8 million XPF. The company also trained all its management in harassment prevention, in order to meet its regulatory requirements.

At the same time, 54.3 million XPF were earmarked for the compulsory training of commercial and technical crew, following the promotion of captains and the hiring of new airline pilots.

DEVOTEDTO STAFF TRAINING

MILLIONS XPF66,1


© B

oein

g

For 2015, Air Tahiti Nui has set a goal of 5% growth in activity, with the continuation of an aggressive commercial policy to raise the number of tourists coming to Tahiti and her islands.

Therefore, over 30 000 discount fare seats will be offered across our markets.

The search for partners so as to grow the company’s commercial network will continue, targeting in particular the high-potential markets in China and Brazil.

The financial result will largely depend on the price of jet fuel, but should nevertheless be positive.

2015 also marks the launch of the fleet renewal project, following the Board of Directors decision in early 2015 to acquire new generation Boeing B787-9 ‘Dreamliner’ air-craft.The company has placed purchase orders with Boe-ing for two 787-9 Dreamliner’s. A further two will be leased from Air Lease Corporation.

Air Tahiti Nui’s new fleet will be delivered in 2018-2019.

THE LAUNCH OF OUR FLEET’S RENEWAL WILL BE THE MAJOR TURNING POINT OF AIR TAHITI NUI IN 2015.

OUTLOOK FOR 2015

T A H I T I • L O S A N G E L E S • P A R I S • T O K Y O • A U C K L A N D

BP 1673- 98713 PAPEETE - TAHITI- FRENCH POLYNESIATEL : (+689) 40.46.03.03 - FAX : (+689) 40.46.02.90

EMAIL : [email protected] - WWW.AIRTAHITINUI.COM

Flash this code and find this report on www.airtahitinui.com

20 14 - air tahiti nui · - and safety promotion the company’s safety policy, a priority of our...

Documents